How unified communication solutions can help SMBs tackle inflation

Inflation is one of those necessary evils we need for economic growth. It is a cyclical phenomenon that rises and falls with a shift in economic conditions. 

In the last year, we have seen inflation rise steadily month on month and the impact is evident across several industries. There has been a sharp increase in prices as it has affected the automobile, real estate, and technology sectors.

Compared to September 2021, the consumer price index in September 2022 has risen by 8.2%.

It is tougher for businesses to cope with the rise in MSPs without leveraging the price point of their services. But how can SMBs enable significant cost savings when it comes to communication? The solution is unified communications.

With unified communication solutions, SMBs can integrate multiple software into a single platform, which makes it possible for them to reduce expenses and increase overall efficiency. Applications across business functions can converge into a single effective platform for text, voice, and video communications, available from anywhere, using any device.

Much has been said about the long-term impact of Unified Communications as a Service (UCaaS) on a business's overall growth and how it helps a brand improve customer relations. Here, we focus on the cost-saving aspect. 

The core strength of UCaaS is that it helps SMBs integrate multiple communication software into a single platform. This not only improves overall efficiency but also helps SMBs significantly reduce expenses.

From emails, text messages, instant messaging, group chat, phone, and video conversations, to events, task reminders, calendars, and other services, UCaaS solutions are built for easy integration. Reports and data across business functions can be monitored through one simple login. 

This is the power of UCaaS - it empowers businesses and employees to reduce manual effort and gives them more time to focus on larger business goals. Its greatest advantage is that it is completely digitised, is size and scale-agnostic, and supports remote and hybrid working. 

Today, we have advanced solutions like IP/PTSN – this is a converged telecom network that is a gateway interface to voice and data calling over IP networks and helps agents switch and transfer calls with one click. The one-leg calling solution optimises cost by only charging clients for outgoing calls. Incoming calls are free. Both of these are high cost-saving solutions and UCaaS offers a bouquet of such solutions for different industries. 

Let us begin with the basics that apply to all businesses and industries:

Hardware cost savings

On-site storage, expensive servers, PBXs for every desk, and specialised IT employees are all necessary investments for on-premises applications. But no initial expenditure is required for unified communications. There is no need to purchase new software or systems because they are compatible with your current computers or cell phones.

Reduced cost of conferencing services

By switching to a unified communication tool with an integrated conferencing system, businesses that currently spend money on external audio, video, or web conferencing services can quickly reduce those expenditures.

Financial savings from consolidation

The ability to unify communication systems, including voice mail, instant messaging, telephone, and audio/video/web conferencing, with unified communication solutions results in significant cost savings. In the absence of unified communication solutions, companies will have to spend money on PBX frequently, along with several related systems including voice mail, interactive voice response, call accounting, administrative consoles, etc.

Ease in adherence processes

Many businesses are required to spend a significant amount of time and money conforming to their local government's governance and compliance obligations whether it comes to regulation or company policy. However, when businesses employ unified communication solutions, it is the solution provider's job to meet these legal standards, freeing up corporate resources for more useful tasks.

In conclusion, SMBs should anticipate considerable cost reductions within a few months on teleconferencing, telephone, and mobile phone bills, and software licensing costs due to the growth of MSPs and the shift in economic instability.

Even though optimising hardware and software is a massive undertaking for businesses, the savings and benefits that follow are substantial and endure longer.